State Duma’s deputy Alexander Lebedev, right, announced the gratuitous transfer of 26.5 percent in Ilyushin Finance Co. to Larisa Gorbachev Foundation that he and Mikhail Gorbachev, left, incorporated in Britain.
Photo: Valery Melnikov
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Ilyushin Finance Stocks Change Jurisdiction
State Duma’s deputy Alexander Lebedev announced yesterday the gratuitous transfer of 26.5 percent in Ilyushin Finance Co. to Britain’s incorporated Raisa Gorbachev Foundation, an international fund of fighting child cancer. Lebedev’s National Reserve Corp that is today’s owner of the stocks will retain the control. According to lawyers, Lebedev hopes that the Trust Laws of Britain will protect stocks of Ilyushin Finance, which will become a part of United Aircraft Corp in the near term.
“All 26.5 percent of stocks will be gratuitously transferred to Raisa Gorbachev Foundation,” Levedev said. The Foundation will own the stocks, Lebedev specified, adding they will be managed by National Reserve Corp, which is their current holder.
The transfer will take place once the Federal Act on Endowment Funds is passed in Russia, Lebedev said. This Act will specify tax benefits for the Maecenas companies.
Ilyushin Finance Co. is the biggest aircraft leasing company of Russia; it deals with sales and after-sale maintenance of Il-96 and Tu-204 planes. The government holds 46 percent; Vneshekonombank has 20 percent.
As State Duma’s deputy Alexander Lebedev and Mikhail Gorbachev, the first president of former USSR, incorporated Raisa Gorbachev Foundation in the UK, all activities of the fund and its asset management company are governed by the Trust Laws of Britain.
Gorbachev said he counts on generating about $3 million in dividend from the stocks of Ilyushin Finance. “The Foundation could use money to buy equipment for St. Petersburg Center of Children Having Leukemia,” he added. Past year, however, Ilyushin Finance paid around 13.5 million rubles in dividend, so the stake of 26.5 percent yielded no more than 3.6 million rubles.
According to representatives of Ilyushin Finance, the company intends to release new stocks under the government’s program of backing up the aircraft leasing in Russia. Should the owner of 26.5 percent refuse to buy out new stocks, the stake would go down materially.
Moreover, under the president’s order to set up a United Aircraft Corp., the stakes of private holders of Ilyushin Finance should be transferred to the stock capital of this Corp. by April 1, 2007.
“Lebedev has apparently disagreed with the government’s plans to merge Ilyushin Finance into United Aircraft Corp. and decided to gently pull out of the business,” said a source close to United Aircraft Corp. on condition of anonymity. “Now he won’t pay for the scheduled issue of new stocks of Ilyushin Finance, but the charitable foundation will hardly fund it as well."
www.kommersant.com
All the Article in Russian as of Nov. 08, 2006
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